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    Mathematics - Finite Mathematics

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    I was instructed to actually work the problem to show the formula, the value of the variables in the formula, and the results in the formula instead of using the finance calculators and just coming up with the answer.

    * What is the ending balance from an initial deposit of $5,000 at 14% compounded monthly for 4 years?

    * Find the amount of interest earned on a deposit of $1,609.25 at 13% compounded monthly for 90 months.

    * Find the present value of $10,425 in 39 months at 13.75% compounded monthly.

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    Solution Preview

    (1) A = P(1 + r/100n)^(nt)

    A = 5000{1 + 14/(100 * 12)}^(12 * 4) = ...

    Solution Summary

    Complete, neat and step-by-step solutions regarding the values of the variables in the formula are provided.